Cryptocurrencies won’t succeed until there’s a single global gov’t – Kaspersky

      Published on Friday, 8 March , 2019      224 Views     
Cryptocurrencies won’t succeed until there’s a single global gov’t – Kaspersky

  • Technology

Cryptocurrencies will not be successful until government authorities give up their bid to control them, or all countries are united under a single global government, Eugene Kaspersky,



CEO of cybersecurity firm Kaspersky Lab told Arabian Business in an interview.

“Cryptocurrencies are a great idea, but the world is not ready for them yet. The world must be united if we want to have encrypted currencies. At the moment, governments will want to control them,” he said.

“I believe that in the future, perhaps in 100 years’ time, all the world’s governments will be one government. States will unite under the [Government of the Earth] and only then we will have one currency. Some other currencies may be available, but on a global scale the currency will be unified.

“I think that in the future the currencies will be digital rather than paper. Today’s digital currencies, such as Bitcoin, cannot replace the current financial system, but some of the ideas and techniques on which these currencies are based can be used in the future currency with little modification, leveraging blockchain technology,” he added.

Tough year

Bitcoin, the world’s most popular, had a tough year in 2018.

Data from Refinitiv’s Eikon showed that Bitcoin lost 72.5 percent of its value against the American dollar last year, ending the year at $3,693.30, having reached previous peaks of as high as $19,187.70.

As Kaspersky calls for less control and more collaboration among governments, in order for cryptocurrencies to succeed, in January the United Arab Emirates and Saudi Arabia announced they were collaborating on a joint cryptocurrency.

The Executive Committee of the Saudi-Emirati Coordination Council agreed to work on developing a pilot cryptocurrency.

The cross-border digital currency will be strictly targeted for banks at an experimental phase. The project will also determine the impact of a central currency on monetary policies.

Read Kaspersky’s full interview in Arabian Business, where he addresses a range of issues, such as recent allegations by Western media giants that his cybersecurity firm develops spy tools for Russian intelligence.



He also discusses the early origins of his company, as well as the many cybersecurity challenges in the Middle East.

Keywords:
Category Technology | 2019/03/08 latest update at 7:00 AM
Source : Arabian Business | Photocredit : Google
225 Views
Comments Add comment



Related Articles

The editorial staff of Dubai Today would like to give all of its readers from Gulf and Dubai and the whole world the opportunity to participate actively in the development of the website! If you have something interesting, fun, scandalous - just something worth to be seen from more people. Capture it and share it in the Dubai Today with a short text.

Do you have information you want to reach our readers?

Send article/s

You can subscribe to our Facebook, Twitter and Google pages or use our RSS feed channel to always read the most important news about Dubai, the Gulf and the world.


Sheikh Mohammed meets Egyptian President in Beijing Emir

Sheikh Mohammed meets Egyptian President in Beijing

His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, met President…

HH Sheikh Mohammed Bin Rashid Al Maktoum Emir

HH Sheikh Mohammed Bin Rashid Al Maktoum

Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid…

HH Sheikh Mohammed Bin Rashid Al Maktoum Emir

HH Sheikh Mohammed Bin Rashid Al Maktoum

Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid…

HH Sheikh Mohammed Bin Rashid Al Maktoum Emir

HH Sheikh Mohammed Bin Rashid Al Maktoum

Under the patronage of Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness…

GULF TV

Popular in GULF TV

Freelancing in the UAE region

15098 Views

The global freelancing market is set to grow $20bn by 2020. Where does the market stand here in…

Latest videos in GULF TV

Events

Lifestyle

Culture

Sport

Science & Technology

Government